IMF expressed its views on the new opportunities emerging with rapid growth of crypto ecosystem but also cautioned that the digital currency assets pose financial stability challenges. Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of units and verify the transfer of funds, operating independently of a central bank. Crypto asset technologies have potential as a tool for faster and cheaper cross-border payments.

As per the study of NASSCOM, these digital currencies and other applications have garnered significant attention leading to an exponential growth of the CryptoTech Industry in India. The Indian cryptocurrency market has been growing exponentially over the last few years and is expected to reach up to $241 million by 2030 in India and $2.3 billion by 2026 globally. CryptoTech industry in India has not only demonstrated a positive impact at the grassroots levels but is emerging as one of the fastest-growing technology sub-sector. India provides the most unique ecosystem to CryptoTech to play a transformative role in strengthening key priority areas such as healthcare, safety, digital identification and trade and finance.